More families renting than couples, buildings insurance will become more popular for landlords!

Rental property has seen a large boom recently, with more and more families wanting to rent rather than buy.

Buildings insurance for landlords will more than likely see a rise as mortgages have become too much. Renting used to be seen more for couples and/or young people but more couples with children are renting.

Sales Director for lettings company WMP Group, Daniel Cox, has said: “Renting has always been about younger people or couples.”

However where couples mainly rent flats theses are not suitable for families, so more houses are coming up on the buy-to-let market to accommodate them.

“Obviously a four or five member family is not going to fit in a two-bedroom flat … [so landlords are looking for] standard two and three-bed terraced properties,” Mr Cox explained.

Rents have risen to an average of £720 per calendar month in October, as shown in a recent report by LSL Property Services.